According to Lookonchain data, on March 25, a total of 9 Bitcoin spot ETFs (including Grayscale) reduced their holdings of 3,562 BTC, resulting in a net outflow of approximately US$250 million. In particular, Grayscale reduced its holdings by 5,507 BTC, with a net outflow of approximately US$382 million, and currently holds 350,252 BTC, valued at approximately US$24.35 billion. According to reports, Grayscale’s GBTC Bitcoin holdings have dropped to 347,551.9144 BTC, with an asset management scale of approximately US$24,679,518,943.75.
This time’s net outflow from the spot Bitcoin ETF and the decline in Grayscale GBTC’s Bitcoin holdings may indicate that some institutions or investors are cautious about the short-term trend of the Bitcoin market. This may increase market volatility, especially when conditions are relatively unstable.
This Friday will see the delivery of unprecedented BTC options, with a nominal value of US$9.45 billion, while ETH options will also be delivered quarterly, with a nominal value of US$5.68 billion. This indicates a high intensity of market trading activity and investor sentiment may be affected. The put/call ratios are 0.82 and 0.63 respectively, while the maximum pain points are $50,000 and $2,600 respectively. This large-scale delivery may trigger market volatility, especially when the price is close to the greatest pain point, the market may be more sensitive.
Coinbase’s report shows that GBTC has experienced net outflows recently, possibly due to the impact of Genesis Global’s liquidation of bankrupt assets. This could lead to selling pressure on approximately 35.9 million GBTC shares. The report pointed out that from March 18 to March 21, the spot Bitcoin ETF recorded a net outflow of funds for the first time, reaching $836 million, while the price of Bitcoin once fell below $63,000, and recently traded at about $66,800. This shows that the market is more concerned about the flow of funds into the spot Bitcoin ETF than its fundamentals.
This net outflow of funds may trigger short-term market volatility, especially for GBTC. However, given that most creditor payments will be made in cryptocurrency rather than cash, the impact on the Bitcoin market may ultimately be neutral.
Fed's Bostic reiterated that it expects only one interest rate cut this year. Bostic said the economy and inflation are expected to gradually slow; if the economy performs as expected, the Fed can remain patient. Cutting interest rates too early could be more damaging; we need to see progress in lowering inflation.
Fed Bostic's statement provided clear guidance to the market, emphasized its focus on the economy and inflation, and insisted on only one interest rate cut. This shows the Fed's cautious attitude towards economic conditions and also provides investors with some expectation management. However, as inflation remains high, investors still need to pay close attention to market changes, especially the potential impact of adjustments in monetary policy on asset prices and market volatility.
BTC: The daily level closed a Zhongyang line. The short-term rise is high-volume, and the correction is shrinking. The long-short ratio is low, and the trend currently looks relatively healthy. The daily level is now above all moving averages, MACD golden cross may be formed, and new highs may be reached at any time in the next few days. This Friday is the largest BTC options delivery in history, with a notional value of $9.45 billion. Past historical experience is that the market is relatively calm during the days of actual delivery, and tends to move more violently after delivery. Strong pressure: near 73,000; near 77,000;
ETH: linked to the trend of bits. Strong pressure: near 3697; near 3850;
Altcoin: The altcoin market has not shown a large-scale rise. Most currencies are still driven by the trend of Bitcoin, showing signs that the altcoin market is not yet coming. The market hot spots are unclear, and players generally adopt a wait-and-see attitude. At this stage, altcoins can still make bargain hunting arrangements.
Today’s hot sectors: Layer2; RWA;
The panic index is currently 81 (extreme greed) #BTC🔥🔥🔥🔥